Throughout 2023, the adoption of smart property technology accelerated, the development of AI surged, M&As proved to be pivotal growth drivers, and technology in the multifamily sector shifted from being seen as a luxury to a necessity.
The upcoming 12 months look to be as interesting as the previous year. Here’s what we think 2024 has in store for the multifamily technology industry.
Top multifamily technology trends to look for in 2024
Artificial Intelligence (AI) is one of the industries biggest talking points, and rightly so. Developers are still testing how far the boundaries can be pushed with AI, and it seems like the sky’s the limit.
AI has been prevalent in the sector for some time and has been used by property managers to offer prospective tenants on-demand, self-guided tours and to integrate into proptech solutions such as smart thermostats. The development of AI will continue to gather momentum in 2024 and its impact on multifamily property management remains a crucial discussion point. Being able to use AI efficiently to streamline operations and offer the best experience to residents will be something that every property manager will want.
In 2024, the multifamily sector will look to AI for self-serve maintenance to diagnose simple problems and offer guidance to residents, preventing unnecessary callouts for issues with smart water systems for example. AI will also allow managers to be more customer-centric with their marketing of properties with hyper-personalized and more accurate targeting making it easier to find new residents.
The full multifamily leasing cycle will be automated through AI including post-lease communications, where systems look for red flags concerning resident satisfaction to combat negative reviews. Automating this tedious process will significantly benefit property managers, allowing them to focus their efforts elsewhere.
Strategies for EV charging
EV (Electrical Vehicle) strategies are gaining prominence in 2024. States across the country are mandating a shift to electric vehicles which are escalating the demand for charging facilities. This presents potential problems for multifamily property owners and managers, as many multifamily buildings were not constructed with this mandate in mind and therefore lack charging stations. Accommodating for this need creating suitable facilities for residents will be a big priority for the year.
However, this also opens up financial opportunities for property managers who can monetize EV facilities by charging a monthly premium to residents who want to regularly charge their vehicles. Residents will be able to benefit from these charging stations too, with the potential to rent out their charging points during downhours when they are at work or on vacation to other EV owners in the community.
The smart property technology used in the multifamily sector will shift from being focused on ‘in unit’ tech that includes access control and self-guided tours, to a wider focus, creating smart communities. These will still include the familiar features, but will also begin to incorporate systems such as access and perimeter security. IoT will be key to this, and the combination between AI and IoT could prove to be an exciting one for property managers.
Until now, the approach to multifamily tech has been fragmented and disparate. As we move into a new year, this will start to fade away, paving the way for a more holistic approach to smart property tech in the multifamily sector.
Want to know more about what multifamily technology trends to look out for in 2024? Read Mike Branam’s thoughts in his latest article for Residential Tech Today here.